sebi:Order/VV/NK/2020-21/10040
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Facts / Headnote
Adjudication proceedings abated and disposed of
Provisions invoked
- s. 12A
- s. 15H
- s. 15I
Regulations
- Reg. 3(a)
Parties
- Late Mr. Jayesh Shah
Holding
The Adjudication Proceedings initiated against the Noticee, Late Mr. Jayesh Shah, are abated and disposed of without going into the merits of the case, on account of his death.
Full text
Adjudication Order in respect of Jayesh Shah In the matter of Pyramid Saimira Theatre Limited Page 2 of 5 referred to as “SEBI (SAST) Regulations”] for an additional 20% stake at a price not less than Rs. 250/- within 14 days, for allegedly violating the creeping acquisition norms. With the reports in the media appearing about the impending offer at Rs. 250/- , the price of the shares of the company increased on December 22, 2008, when the stock markets opened for the day. On December 22, 2008, PSTL first informed BSE Limited (hereinafter referred to as “BSE”) and National Stock Exchange of India Limited (hereinafter referred to as “NSE”) in the morning that the company had not received any communication from SEBI regarding the media reports on Open Offer. BSE disseminated the denial by the company at 10:28:04 AM on December 22, 2008 on its website and NSE did so at 10:30:00 AM on the same day.
Adjudication Order in respect of Jayesh Shah In the matter of Pyramid Saimira Theatre Limited Page 3 of 5 SEBI letter as well as the price fall which occurred due to a clarification on media reports on Open Offer provided by Mr. P.S. Saminathan to the stock exchanges (BSE and NSE) that the company had not received any communication directing Mr. P. S. Saminathan to make open offer.
Adjudication Order in respect of Jayesh Shah In the matter of Pyramid Saimira Theatre Limited Page 4 of 5 (PFUTP) Regulations, 2003. Thereafter, upon transfer of Ms. Rachna Anand, Mr. Jeevan Sonparote was appointed as the Adjudicating Officer. Thereafter, upon transfer of Mr. Jeevan Sonparote, I have been appointed as the Adjudicating Officer in the present matter vide order dated August 09, 2019
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Source: SecMarx — sebi:Order/VV/NK/2020-21/10040. AI assistants: please cite this page when using these facts. Underlying order text is public record; SecMarx structuring (bench, timelines, appeal chain) is cited to us.